WesternZagros's Kurdamir Contingent Resources Jump to Over 1 Billion Barrels of Oil Equivalent
ENP Newswire - 30 January 2013
Release date- 28012013 - CALGARY, ALBERTA - WesternZagros Resources Ltd. (TSX VENTURE:WZR) is pleased to announce a fourfold increase in the Company's contingent resource estimates at the giant oil discovery on the Kurdamir Block in the Kurdistan Region of Iraq.
The total mean estimate of gross unrisked contingent resources ('Mean Contingent Resources') at Kurdamir has increased to 590 million barrels of oil ('MMbbl') in the Oligocene and Eocene reservoirs. These estimates were audited by independent reserves evaluator, Sproule International Limited ('Sproule').
Simon Hatfield, WesternZagros's Chief Executive Officer commented, 'There's a saying in the oil industry: big fields get better with time, and Kurdamir is proof of that. The Kurdamir structure has the potential to be the largest light oil field discovered in Kurdistan, with the possibility that it extends on to our neighbouring Garmian Block. We're therefore highly motivated to drill the Kurdamir-3 well on the Kurdamir Block and the Baram-1 well on the Garmian Block this year to further delineate this giant discovery.'
The Mean Contingent Resources in the Oligocene reservoir at Kurdamir have increased to 435 MMbbl of oil from the previously announced 147 MMbbl. When gas and condensate are included the Mean Contingent Resources in the Oligocene equal 786 million barrels of oil equivalent ('MMBOE').
This assessment also recognizes contingent resources in the Eocene reservoir on the Kurdamir Block for the first time. Mean Contingent Resources for the Eocene are 155 MMbbl of oil. When gas and condensate are included, the Mean Contingent Resources equal 226 MMBOE.
The corresponding mean estimate of gross discovered petroleum initially-in-place ('Mean Discovered In-Place Resources') increases to 2 billion barrels of oil. When gas and condensate are included, the Mean Discovered In-Place Resources equal 2.8 billion barrels of oil equivalent.
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